TL;DR:
- SQream, the Israeli data analytics startup, has raised $45 million in Series C funding.
- World Trade Ventures led the funding round, with participation from prominent investors.
- SQream focuses on the enterprise sector, catering to industries like semiconductors, manufacturing, telecoms, financial services, and healthcare.
- Notable clients include Orange, Samsung, LG, Alibaba, and PubMatic.
- The funds will primarily support SQream’s expansion efforts in North America.
- SQream’s origin lies in GPU-based parallel processing, initially conceived by founders who were gaming enthusiasts.
- The company’s value proposition includes dramatically faster data analysis at reduced costs.
- SQream’s plans extend beyond SQL database analytics, with an acquisition strategy to broaden its data source coverage.
- Research and development efforts will explore advancements in processors for future service enhancements.
- The company is open to leveraging emerging technologies like quantum processors and optical processors.
- While AI remains a focal point, SQream acknowledges that the demand for larger datasets will persist.
Main AI News:
In 2010, Israeli data analytics trailblazer SQream placed a strategic bet on the transformative potential of GPUs in revolutionizing big data processing and querying. This foresight has not only paid off significantly but has also positioned SQream as a pivotal player in today’s data-driven landscape. With the relentless growth of data sets, driven by the ascendancy of AI and its substantial reliance on GPU processing, SQream is poised for yet another remarkable chapter in its journey. The company has recently announced securing $45 million in funding to propel its expansion.
The Series C funding round is spearheaded by World Trade Ventures, with noteworthy participation from Schusterman Investments, George Kaiser Foundation (Atento), Icon Continuity Fund, Blumberg Capital, and Freddy & Helen Holdings. While SQream has remained tight-lipped about its current valuation, CEO Ami Gal expressed his satisfaction with the figure, emphasizing, “We don’t like to play show and tell.” For context, sources suggest that the $520 million noted in Pitchbook in 2022 was off the mark. Nevertheless, SQream has now amassed approximately $163 million in total funding, suggesting that the company’s value may well be approaching the $500 million ballpark.
SQream has firmly set its sights on the enterprise sector, targeting industries such as semiconductors, manufacturing, telecommunications, financial services, and healthcare. Its distinguished clientele boasts industry giants like mobile carrier Orange, Samsung, LG, Alibaba, and PubMatic. The fresh infusion of capital will be primarily channeled toward intensifying its growth efforts in North America.
SQream’s journey began with a sharp focus on SQL database analytics, a significant market in its own right. The founders, Ami Gal, Razi Shoshani (CTO), and Kostya Varakin (no longer with the company), initially conceived the idea of harnessing GPU-based parallel processing from Nvidia. Their inspiration came from their mutual passion for gaming and the realization of GPUs’ potential to expedite and optimize data queries for business intelligence, machine learning, and other applications. At that time, their pitch revolved around the promise of “analyzing up to 20 times more data, up to 100 times faster, at as little as 10% of the cost.” Ironically, these claims have now become standard expectations for any major player in the big data analytics arena. Today, SQream boasts even more impressive statistics, with claims of “expanding data capacity while reducing ingestion times by 90%, preparation times by 90%, footprint by 90%, and costs by 80%.”
Ami Gal reflects on those early days, stating, “We thought the architecture of GPUs could enable a whole ecosystem of applications for general purposes, as well as for things like machine learning and AI, which were already big. Looks like Nvidia did a good job!” This forward-thinking approach paid off, as GPU processing has now become the industry standard.
Although SQream’s foundation was firmly rooted in SQL, the company has continuously evolved its focus. In 2021, it acquired Panoply, another startup, to expand its reach to hundreds more data sources. Some of the newly acquired funding will be directed toward research and development, exploring how SQream can leverage advancements in processors to pioneer the next generation of its services. This exploration may even encompass emerging technologies like quantum processors, optical processors, and other groundbreaking innovations, though specific details remain under wraps.
Ami Gal concludes with a nod to the ever-evolving technology landscape: “There are quite a few new architectures that will rock the market in the next few years. They are a key partner, but Nvidia is going to face a lot of competition in the years ahead. There will be new compute and quite a few new advantages.“
Conclusion:
SQream’s successful funding round underscores the growing importance of GPU-based big data analytics. As the market continues to evolve, SQream’s ability to deliver faster data analysis and cost reduction remains a competitive advantage. The expansion efforts in North America, coupled with a diverse client base, position SQream as a key player in reshaping the big data and AI landscape. While AI trends may fluctuate, the consistent demand for comprehensive data solutions ensures SQream’s relevance and potential for further market impact.
